Speedwagon sells Lakeview apartment building

A venture led by Speedwagon Properties sold a small Lakeview apartment building for nearly $3.3 million after acquiring it out of distress last year. Steve Khoshabe, managing director of Northbrook-based Speedwagon, said the venture assumed the debt last year on the six-unit building at 1031 W. Belmont Ave. as part of a portfolio of distressed loans before acquiring the property through a so-called deed-in-lieu of foreclosure. Mr. Khoshabe declined to disclose what he paid for the loan portfolio and did not recall the amount of outstanding debt on the Lakeview building. Michael Serritella and Elizabeth Ann Gregory, local investors who bought the building through trusts in their names, did not return messages.

Mortgage

A new charter school network borrowed $18.7 million against a North Side parcel where it plans its first school. Melissa Zaikos, founder and chief executive of Intrinsic Schools, which plans five schools in Chicago, did not return messages. Records show the loan against the site at 4540 W. Belmont Ave. was issued by an entity established by Allan J. Reich, a senior partner in the Chicago office of law firm Seyfarth Shaw LLP. Mr. Reich did not return messages.

Foreclosure

Wells Fargo & Co. sued to collect $2.5 million from the owner of commercial space in an Arlington Heights condominium building. A spokeswoman for the San Francisco bank did not return messages. Cook County records show Wells Fargo seeks to foreclose on a $2.6 million loan issued in 2007 against 131-161 W. Wing St., a nine-story building with 61 residential units and 10 retail condos. The borrower is a venture led by Lincolnwood-based investors Tan Duong and Michelle Trandai, which records show acquired commercial space from the building's developer in 2007. Ms. Trandai declined to comment.